†Terms and conditions apply. Click ‘Apply Now’ for complete details. This offer is not available for residents of Quebec
‡"Purchase" means any Transaction other than a Cash Advance, Balance Transfer or Convenience Cheque. "Cash" means a Cash Advance, Balance Transfer and Convenience Cheque. Interest rates may change from time to time.
Quick overview of the Simplii Financial™ Cash Back Visa* Card
Cashback cards are a dime a dozen. But like their point-accruing kin, the quality (read: actual cash you actually get back) varies wildly between institutions. Notably, legacy banks like the big six in Canada tend to rely on institutional inertia – people are going to take what card they’re offered because they've been at the same bank since their grandparent took them to open a chequing account. What incentive is there for these banks to actually offer a quality product if people keep taking what they’re handed?
This is where the Neobank disruptors like Simplii come in. Aimed squarely at appealing to younger, less change-averse demographics, they know to peel away customers they’re going to have to offer interesting entry level products, and that is exactly what the Simplii Financial™ Cash Back Visa* Card is.
It offers an extremely compelling 4% cash back on restaurants and bars†, a damn decent 1.5% cashback on gas, grocery, drug and pre-payments†, plus a competitive-though-uninspired 0.5% back on everything else†. There are not many other frills, and the cashback is frustratingly only applied as a year-end statement credit. But this card is refreshing in just how targeted it is – and the demographic it's aimed at should find it compelling.
Who’s the Simplii Financial™ Cash Back Visa* Card for?
Fond of dining out? Got a big friend group you’re often picking up the bar tab for (before invoicing for e-transfers of course)? Young urban professional who wants a daily driver card that doesn’t feel like you’re getting ripped off? The Simplii Financial™ Cash Back Visa* Card is right up your alley. Earn 4 % on eligible restaurant, bar and coffee shop purchases, up to $5,000 per year†. The cash back on bars and restaurants is wild if you’re going out in the city. Not including anything else, if you’re dropping $600 a month on dining and drinks (and in a big city, that is hardly jaw dropping) you’re getting $300 back at the end of the year before every other category is considered.
Simplii Financial™ Cash Back Visa* Card pros and cons
Pros
-
Extremely high cash back on bars and restaurants
-
Solid cash back on groceries, drug store, gas and prepayments
-
$0 annual fee
-
Up to three additional cards free of charge
Cons
-
Not many additional benefits
-
Very niche appeal for yuppies who love dining out
-
Cash back applied as year-end statement credit
Welcome bonus
- Up to 10% cash back† for your first 3 months up to $1,000 eligible spend
How to earn cash back on the Simplii Financial™ Cash Back Visa* Card
The best possible way to earn cash back is going out to bars and restaurants frequently. Love cooking at home? This card might not be just right for you. But if your biggest line item is frequently how much you spent going out, the 4% cash back is hard to beat.
Plus, when you do eat in, you’ll need to drive to pick up groceries, and the 1.5% on gas and groceries is quite competitive, especially when compared to the big bank cards.
For non-categorized purchases, you’ll also have the trickle-in 0.5%, which is fine.
How to redeem cash back from Simplii Financial
And here we arrive at one of the downsides. I think the “cash back, but like, not as actual cash – more like, credit, oh – and only at the end of the year” is pretty darn weak. And that’s precisely how you get your “cash” back with this Simplii card. Once a year, as a statement credit. Luckily, it’s automatic, so no action is required from you.
Simplii Financial™ Cash Back Visa* Card key benefits
- Great cash back on categories relevant to young urban professionals
- Three additional cards for no additional fee
- All the perks and flexibility of a Visa card
Simplii Financial™ Cash Back Visa* Card insurance coverage
- Purchase security†: Protects purchases from being lost, damaged or stolen for 90 days after purchase.
- Extended Protection Insurance†: Doubles the length of the manufacturer warranty for items purchased with the Simplii Cash Back Visa.
- Optional travel insurance: Option to add on travel insurance coverage offered through CIBC (for a fee).
Extra benefits
- Send money abroad with a Global Money Transfer, and pay no transaction fee or interest if you pay off your balance on time.
What people have to say about this card
Simplii credit card offers 4% cash back on all expenses in restaurants and cafes so if you do spend a decent amount on eating out, then I would strongly recommend getting this card (plus as you would already know by now, it has no annual fee).
/u/Best-Maintenance4082
Bingo! The 4% is relatively niche, but given that it spans not only bars and restaurants, but also cafes, it is one of the most compelling cash back offers on the market for fans of going out (and those that grab their ridiculously pricey coffee daily).
And, as /u/Best-Maintenance4082 pointed out, there’s no annual fee eating into your hard-earned cash back. What’s not to like?
How Simplii Financial™ Cash Back Visa* Card compares
KOHO Essential
3.9
Poor
Suggested credit scoreto receive the latest news, tips and offers by email
Pros
-
A no-fee account option
-
Earn up to 5% cash back on your purchases
-
Accepted worldwide, wherever Mastercard is accepted
-
Three account tiers, so there’s something for everyone
-
Earn interest on your account
-
RoundUps feature helps you save
-
Financial coaching is available
-
Features like Credit Building (to help you build your credit history) and Cover (to protect you from overdrawing your account)
-
Compatible with Apple Pay
-
Joint account option for families and couples
Cons
-
No physical branches or tellers
-
No RRSP, TFSA or RESP accounts
-
Customer service not on par with the big banks
-
Missing some banking features, like wire transfers, currency exchanges and multiple lines of business like financial planning, mortgages and insurance
Eligibility
Poor
Recommended Credit Score
$0
Required Annual Personal Income
$0
Required Annual Household Income
Recommended Credit Score
Poor
Required Annual Personal Income
$0
Required Annual Household Income
$0
1%
cash back on groceries, eating & drinking, and transportation
3.5%
interest earned on your account balance
up to 5%
extra cash back at selected merchants
cash back on groceries, eating & drinking, and transportation
1%
interest earned on your account balance
3.5%
extra cash back at selected merchants
up to 5%
$48
Annual Fee $4/month ($0 annual fee when you set up a recurring direct deposit or make a monthly contribution of $1,000 or more to the card)
1.5%
Foreign Transaction Fee 1.5% FX fee
Annual Fee
$48
Foreign Transaction Fee
1.5%
Pros
-
A no-fee account option
-
Earn up to 5% cash back on your purchases
-
Accepted worldwide, wherever Mastercard is accepted
-
Three account tiers, so there’s something for everyone
-
Earn interest on your account
-
RoundUps feature helps you save
-
Financial coaching is available
-
Features like Credit Building (to help you build your credit history) and Cover (to protect you from overdrawing your account)
-
Compatible with Apple Pay
-
Joint account option for families and couples
Cons
-
No physical branches or tellers
-
No RRSP, TFSA or RESP accounts
-
Customer service not on par with the big banks
-
Missing some banking features, like wire transfers, currency exchanges and multiple lines of business like financial planning, mortgages and insurance
Eligibility
Poor
Recommended Credit Score
$0
Required Annual Personal Income
$0
Required Annual Household Income
Recommended Credit Score
Poor
Required Annual Personal Income
$0
Required Annual Household Income
$0
1%
cash back on groceries, eating & drinking, and transportation
3.5%
interest earned on your account balance
up to 5%
extra cash back at selected merchants
cash back on groceries, eating & drinking, and transportation
1%
interest earned on your account balance
3.5%
extra cash back at selected merchants
up to 5%
$48
Annual Fee $4/month ($0 annual fee when you set up a recurring direct deposit or make a monthly contribution of $1,000 or more to the card)
1.5%
Foreign Transaction Fee 1.5% FX fee
Annual Fee
$48
Foreign Transaction Fee
1.5%
Simplii Financial™ Cash Back Visa* Card vs. KOHO Essential
The KOHO card “plans” have definitely stepped way outside the rigamarole of traditional cashback cards. The Essential KOHO plan is billed as more of a subscription than a classic card, and has some pluses and drawbacks.
For the good, you have the option to earn 3.5% annual interest on the balance you maintain on your card. I can’t recall a credit card ever actually marketed towards people who don’t (can’t?) pay off their balance, but here you go. The 1% cash back is kind of a snooze fest, and that only applies to specific categories. All this could be yours… for a fee.
If that sounds, like, way worse than the Simplii card it’s because it is. I’d say KOHO essentially loses in just about every conceivable head-to-head.
Tangerine Money-Back Credit Card
4.0
Good
Suggested credit scoreto receive the latest news, tips and offers by email
Pros
-
No annual fee
-
Choose the spending categories where you want to earn the most cash back
-
Unlimited cash back—no maximum spending limit for any purchase category
-
Cash back is paid out monthly rather than annually
-
Periodically includes a special welcome offer where you can get extra cash back
-
1.95% interest on balance transfers for the first 6 months (1% transfer fee applies)*
Cons
-
Regular cash back rates are still lower than what you can get from a card with an annual fee
-
Limited extra perks or benefits beyond the cash back and balance transfer promotion
-
Generally not a good fit for shopping at warehouse clubs or wholesale grocers like Costco or Walmart
-
Tangerine does not have any physical bank branches
Eligibility
Good
Recommended Credit Score
$12,000
Required Annual Personal Income
Recommended Credit Score
Good
Required Annual Personal Income
$12,000
2%
Earn 2% cash back on 2 categories of your choice (e.g. groceries, recurring bills, gas, drug stores, etc.)
3
Get a Tangerine Savings account and add a 3rd 2% cash back category.
0.5%
Earn 0.50% on all your other everyday purchases.
Earn 2% cash back on 2 categories of your choice (e.g. groceries, recurring bills, gas, drug stores, etc.)
2%
Get a Tangerine Savings account and add a 3rd 2% cash back category.
3
Earn 0.50% on all your other everyday purchases.
0.5%
19.95% - 24.95%
Variable APR
1.95%
Balance Transfer Rate 19.95%
19.95%
Cash Advance APR $3.50 within Canada, $5.00 outside Canada
$0
Annual Fee $0 for additional cardholders
2.5%
Foreign Transaction Fee
Variable APR
19.95% - 24.95%
Balance Transfer Rate
1.95%
Cash Advance APR
19.95%
Annual Fee
$0
Foreign Transaction Fee
2.5%
Pros
-
No annual fee
-
Choose the spending categories where you want to earn the most cash back
-
Unlimited cash back—no maximum spending limit for any purchase category
-
Cash back is paid out monthly rather than annually
-
Periodically includes a special welcome offer where you can get extra cash back
-
1.95% interest on balance transfers for the first 6 months (1% transfer fee applies)*
Cons
-
Regular cash back rates are still lower than what you can get from a card with an annual fee
-
Limited extra perks or benefits beyond the cash back and balance transfer promotion
-
Generally not a good fit for shopping at warehouse clubs or wholesale grocers like Costco or Walmart
-
Tangerine does not have any physical bank branches
Eligibility
Good
Recommended Credit Score
$12,000
Required Annual Personal Income
Recommended Credit Score
Good
Required Annual Personal Income
$12,000
2%
Earn 2% cash back on 2 categories of your choice (e.g. groceries, recurring bills, gas, drug stores, etc.)
3
Get a Tangerine Savings account and add a 3rd 2% cash back category.
0.5%
Earn 0.50% on all your other everyday purchases.
Earn 2% cash back on 2 categories of your choice (e.g. groceries, recurring bills, gas, drug stores, etc.)
2%
Get a Tangerine Savings account and add a 3rd 2% cash back category.
3
Earn 0.50% on all your other everyday purchases.
0.5%
19.95% - 24.95%
Variable APR
1.95%
Balance Transfer Rate 19.95%
19.95%
Cash Advance APR $3.50 within Canada, $5.00 outside Canada
$0
Annual Fee $0 for additional cardholders
2.5%
Foreign Transaction Fee
Variable APR
19.95% - 24.95%
Balance Transfer Rate
1.95%
Cash Advance APR
19.95%
Annual Fee
$0
Foreign Transaction Fee
2.5%
Simplii Financial™ Cash Back Visa* Card vs. Tangerine Money-Back Credit Card
This is a more competitive comparison. Full disclosure – my daily driver is a Tangerine card, but I’ll try to remain objective. While the Tangerine card only offers 2% back on two categories, you get to pick which ones you want. Get a Tangerine Savings account and add a third 2% cash back category.. And that money gets paid back monthly, either as actual cash into your savings account or as a statement credit.
Fundamentally, the Tangerine vs. Simplii comes down to how much value you place on flexibility. Want your money monthly and want to change which categories drive your cash back? Tangerine gets the nod. Spend almost all your money on dining out and have the patience for an annual pay out? Go Simplii.
Simplii Financial™ Cash Back Visa* Card vs. Neo Standard
| Feature | Simplii Financial™ Cash Back Visa* | Neo Standard |
|---|---|---|
| Annual fee | $0 | Base: $0; Premium: $4.99 |
| Welcome offer |
Up to 10% cash back† for your first 3 months up to $1,000 eligible spend
|
N/A |
| Insurance | Purchase Security†, Extended Protection Insurance†, Optional Travel | Available to purchase as an add on |
| Benefits | 4% cash back† on dining and drinking out | Earn cash back when spending at Neo partners |
Is the Simplii Financial™ Cash Back Visa* Card worth it?
For no annual fee and compelling cash back opportunities, I would say absolutely. I would say absolutely, underlined three times with several exclamation points if your primary monthly expenditure is at bars, cafes and restaurants.
FAQs
Cam is a content marketer with a passion for saving, financial independence, and pulling off elaborate credit card point schemes. He has worked in Fintech and Finserve (specifically Group Retirement) and loves researching and writing about finance.
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